Starting a Small Business

Topics: Management, Business, Small business Pages: 2 (489 words) Published: September 4, 2012
Starting a Small Business
Unit 6 Project
Disha Holloway

CM 107

Many people have dreams of starting and running their own businesses during their life-time. For many people, creating a product or service that is enjoyed or utilized by customers will provide a very satisfying sense of accomplishment. This feeling cannot be met at a job in which they work for someone else. “Nearly one million individuals start their own business every year (Pinson 2004).” Starting a business takes more than an idea. It takes certain kinds of people and proper planning. It takes financial funding and hard work. Before a person even attempts to start a business a person should decide whether or not he or she has the kind of personality and skills to be a successful entrepreneur. Careful planning is fundamental to starting up and running a successful small business. One of the first things that should be done when starting a business is finding a mentor. The mentor should be a person with business experience that can guide you and assist you. One of the most important steps that should be made in establishing a business is writing a business plan. A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. Business plans may also target changes in perception and branding by the customer, client, taxpayer, or larger community. A good business plan can help to make a good business credible, understandable, and attractive to someone who is unfamiliar with the business. (Pinson,) Writing a good business plan can’t guarantee success, but it can go a long way toward reducing the odds of failure. For all business financing and the perfect location is key to how successful they are. All businesses require some form of financing. Starting a new business has become more and more...
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